Nine Days, One Signal: U.S. Economy Is Doing Fine If Not Great

The data deluge that swept over the U.S. economy since the middle of last week can be boiled down in one message: Lofty expectations, but more down-to-earth numbers.

Overall, the job market is going strong without overheating, while the economic expansion -- which this month became the second-longest on record -- is on solid ground even with a soft start to the year that’s expected to give way to a tax-cut-driven rebound. The results amount to a wash for Federal Reserve policy makers, who skipped a rate hike at their May 1-2 meeting as expected.